Supportive soundbites from Eurosatory fair: buy the dip

研报英文原文证据摘录

Supportive soundbites from Eurosatory fair: buy the dip

June 19, 2026

RENK Group AG (R3NK GR, Overweight, PT €75.50) – Investment Summary

Company in a nutshell: Investment case:

• Defence mobility leader. RENK’s advanced transmissions (VMS• RENK holds market-leading positions for mission-critical drive solution

across defence and civil end markets. It produces gear units, segment, ~71% of group EBIT) power 75% of NATO’s tracked vehicle

transmissions, power packs, hybrid propulsion systems, suspension fleets, with a USP centred around power and resilience, and over 30%

systems, slide bearings, couplings, clutches and test systems. of large naval surface combatants, where they are valued for low noise

• Defence accounts for 70% of revenues and RENK is the market leader in and low vibration.

transmissions for military tracked vehicles.

• Strategic moat. Complex, certified technologies and long platform• RENK is also market leader for propulsion systems and gears used in

lifecycles create high barriers to entry. Defence applications (c.72% of large naval surface combatants.

revenues) and a 60% aftermarket share of sales underpin resilient• The company listed on the Frankfurt Stock Exchange in early 2024.

earnings and sustainably strong returns (adj. ROCE >20%).

• Growth & innovation. RENK attracts technology partners like QinetiQ,

ARX Robotic and NXP to advance hybridisation, drive-by-wire, and

uncrewed systems — further reinforcing its competitive edge.

Catalysts: • Favourable market dynamics. NATO defence spending is projected to

rise to 3.5% of GDP by 2029 (from ~2%), with Germany alone planning• Large German army orders (up to 1,000 tanks) expected in the course of

€650bn in spending (2025-29). RENK is well-positioned to benefit from